When I was in grade 5 we had an assignment: spend one million dollars. The idea was to cut out items we wanted from catalogs in order to spend one million dollars. Most of my classmates ‘purchased’ houses, then we had to furnish them. Then came the flash cars & boats.
Almost 20 years later my priorities have certainly changed! I was prompted to revisit this idea by Nikki from mbasahm.com.
This seems like a no-brainer to me. Without a mortgage, we would have so much more disposable income available for other pursuits.
Pay off other debts
Other debts like credit cards or personal loans. Once the credit cards are cleared I would consider canceling them & opening a new account with 2 cards so we just have to the one credit card bill each month.
A holiday house
I always wanted a holiday house when I was a kid. The closest I got to it was my aunt & uncle that had a caravan at a lake a few hours away.
Invest in real estate
Just like wanting a holiday house, I’ve always wanted an investment property.
Invest in shares
I’ve always wanted to invest in shares but I don’t know enough about it nor do I have any spare money to put towards it.
With any money that is left, I’d buy some toys. And by toys, I mean boats, jet skis, motorbikes etc.
Cut down employed work
With no mortgage & a few investments in place I feel I would be able to cut back on working for someone else. Without any financial repercussions, I wouldn’t be afraid to try different jobs. I could find out what I’m truly passionate about.
So, what would you do with one million dollars?